Can Dukascopy be a trusted forex broker ?
I just got this about Dukascopy from a highly trusted trading companion:
They are sh*t broker
It got me digging so this is what I found:
I have been with Dukascopy for years. Opening an account with them is easy, but getting money back out of them is proving impossible. I would seriously reconsider using them if you are not in their ‘trade zone’, as they clearly are incapable of refunding moneys to other countries.
Reply With Quote
Read more: http://forums.babypips.com/newbie-island/55091-citifx-pro-vs-dukascopy-3.html?s=263e809b101af3c14c6d0229c18b60d0#ixzz4XvOvw4wB
http://theessentialsoftrading.com/Blog/2008/06/19/forex-is-a-scam/ http://www.forexiswhyimbroke.com/dukascopy-im-broke/ Be aware of these comments:
I’ve noted that you haven’t appreciated the difference between Dukascopy Bank SA and Dukascopy Europe. Dukascopy Europe is not a bank, it is a subsidiary of Dukascopy Bank and is headquartered in Riga, Latvia, and not in Switzerland. Therefore clients of Dukascopy Europe are not protected by the more stringent banking laws of Switzerland.
Were you a client of Dukascopy Bank SA or Dukascopy Europe?
The latter accepts deposits of as little as $100 USD but not exceeding $8500 USD; but Dukascopy Bank SA does not accept deposits less than $5000 USD and the sky is the limit. I think this distinction between these two companies carries important implications for the way in which they both operate in respect of handling their clients orders. In other words, Dukascopy Europe may have no ECN credentials whatsoever!!!
When starting from nothing, I think this is the best conclusion not to worry about the questionable parts of these forex brokers:
Really, who cares? There is ALWAYS going to be someone on the other side selling or buying the currency you’re trading.
You need to be watching a broker for slowing your executions, blocking or freezing your platform and manipulating price to take out your stops.
I have been through seven (7) brokerages thus far and do currently trade live via Dukas. I have for over three years now and never experienced any of the above.
Some say… But they charge a commission. Once again, who cares! I trade daily and it’s just a part of doing business (a business expense) but I also receive a nice 45% refund every month on said trading commission.
Additionally, the .5 pip step is because not all their liquidity providers are able to provide them a decimal price.
Trade to trade well,
OMG you’re my hero. Seriously… true. Don’t sweat too much the small things. As long as you’re not ripped of and profitable, then it’s good enough.
Read more: http://forums.babypips.com/forex-brokers/34287-proof-dukascopy-also-market-maker-raises-question-about-fxopens-ecn-3.html#ixzz4XviMuslm
Once again my conclusion is:
Off load your trading logic outside of the broker software
Track your own stop loss virtually to prevent broker SL hunting. Again this has to be outside of the broker software including MT4 https://www.jarrattdavis.com/forex-brokers-hunt-stop-losses/
Plus follow above where you don’t care about the others. You just need to focus on your trading logic/strategy for constant profit. When you start out, just focus on trading 1 unit to minimize account loss. Don’t start out crazily so keep it to the bare minimum?FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!